Gramercy Property Trust Announces Acquisition of $9.5 Million Industrial Facility in Tampa, FL
NEW YORK--(BUSINESS WIRE)-- Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that it closed the acquisition of an approximately 176,000-square-foot production and warehouse bottling facility located in Tampa, Florida. The building is 100% leased through January 2020 to a leading beverage producer. Year 1 net operating income is approximately $748,000 (7.9% initial cap rate; 8.2% annualized straight-line cap rate) with annual rent escalations throughout the lease term. The facility was acquired all-cash for a purchase price of approximately $9.5 million.
About Gramercy Property Trust (GPT)
Gramercy Property Trust is a fully-integrated, self-managed commercial real estate investment company focused on acquiring and managing income-producing industrial and office properties net leased to high-quality tenants in major markets throughout the United States. We also operate an asset management business that manages commercial real estate assets for third parties.
To review the Companys latest news releases and other corporate documents, please visit the Companys website at www.gptreit.com or contact Investor Relations at 212-297-1000.
This press release contains forward-looking information based upon the Company's current best judgment and expectations. Actual results could vary from those presented herein. The risks and uncertainties associated with forward-looking information in this release include, but are not limited to, factors that are beyond the Company's control, including the factors listed in the Company's Annual Report on Form 10-K and in the Company's Quarterly Reports on Form 10-Q. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For further information, please refer to the Company's filings with the SEC (SCUR).
Gramercy Property Trust Inc.
Emily Pai, 212-297-1000
Source: Gramercy Property Trust Inc.Copyright Business Wire 2014